Why Sprint (S) Stock Is Gaining Today

Sprint (S) introduced an "iPhone for Life" plan that lets customers get a new version of Apple's (AAPL) smartphone every two years as it looks to win back customers.

NEW YORK (TheStreet) -- Shares of Sprint (S) are up 1.04% to $5.83 in pre-market trade as the company introduced an "iPhone for Life" plan that lets customers get a new version of Apple's (AAPL) smartphone every two years as it looks to win back customers lost to rivals including T-Mobile US (TMUS) , Bloomberg reports.

The service costs $70 a month and includes unlimited data, Sprint said on its website. Customers make no initial payment for the phone or related taxes on the device because they are essentially renting it, the company said.

CEO Marcelo Claure is counting on the new iPhone 6 to help Sprint start adding subscribers again after a seven-year streak of customer losses, Bloomberg said.